because of the risk reward ratio i will try to short it here... should it not be the case the loss is insignificant compare to the given opportunities,,,
Comments
nightfoxFX
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Let it run, without stop loss, technical indicators are showing over bout conditions and for this reason I am also shorting it at 1.073 with another pending order at 1.077. TP 1.062 if you want aprox. one week holding period. My total margin is at 2-3 per cent max of total equity.
Btw, it was only four times in USA history that dollar was not bullish on first week of presidency
fanes
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@nightfoxFX, hmm the 2-3 % is a good thing, yet i am afraid that if we break this level and it is not a false break, than we can go much higher even though technical indicators are overbought
nightfoxFX
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@fanes, I think the current rally is a bit over extended, very much due to dollar index correction. I also believe that EU fundamentals are not on EUR side. All that can be expected for certain is volatility. Never the less listen to your intuition.
JamalForex
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@nightfoxFX,
I have a question about who you would not use a stop loss ? Is it due to the market makers ?
JamalForex
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@JamalForex, I took a short @ 1.07275 I am in a lil draw down but expect it to go down shortly
nightfoxFX
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@JamalForex, Thank you for the question. Well off-course there is always possibility that market makers make short manipulations and for this reason, trader can get stopped out quickly.
In my case, what I know for sure is that technical indicators are showing overbought conditions especially on daily basis. The second factor that I count in, is that we are in rising wedge formation, and also due to this reason I expect reversal to downside. The only problem that i have is predicting timing for reversal to happen. It can rise to 1.85 and than go down, or it can go down tomorrow. I bought sell position at 1.74 and will at least double another sell position at 1.85-00. Sooner ore later we will be around 1.05-1.06 level. Good money management is essential for this to work.
JamalForex
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@nightfoxFX, Now I understand. Ive heard it before to not place a SL due to market manipulation.
I have not tried it myself yet.
May I ask what technical indicators you use ? I noticed on my momentum indicator a strong divergence pattern, thats the reason im expecting it to short.
JamalForex
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@JamalForex, Price may indeed come up to 1.085 level like it did on the previous high on december 8th.
nightfoxFX
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@JamalForex, Jamal how the trade going? I hope you made proftis
nightfoxFX
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@JamalForex, Sure. I use CCI, RSI, STOCH, OBV and MACD.
Btw, it was only four times in USA history that dollar was not bullish on first week of presidency